Robinhood VP denies plans to launch stablecoin in the near future
Robinhood Crypto Vice President and General Manager Johan Kerblatt has dispelled rumors about the company’s plans to issue its own stablecoin.
“At this time, there are no short-term plans to issue a stablecoin,” Curblat said, refuting recent rumors that gained momentum following a Bloomberg report.
The report suggested that both Robinhood and European fintech company Revolt are exploring ways to enter the growing stablecoin market.
While Revolut did not comment, sources close to the European neobank suggested that stablecoins were indeed being “researched”, although no clear timeline or specific details were set.
The market capitalization of the stablecoin market, dominated by Tether’s USDT, is valued at $119 billion. Tether currently controls 68% of the entire $173.5 billion stablecoin market, which already sets a very high bar for potential competitors.
In fact, Robinhood is making a strategic move in the crypto space, listing Circle’s USDC, the second largest stablecoin with a market capitalization of $36.3 billion. Revolut recently expanded its suite of crypto services to include staking services for various tokens, including Ethereum.
Entering the stablecoin market is far from easy, even for most established financial giants. PayPal’s PYUSD trading volume is modest at around $710 million in supply, despite having one of the broadest user bases of any financial company.
